Tuesday 20 February 2018

Carol Hunt: Banks legally hold all the aces in two-party contract

Carol Hunt hopes judges will be allowed a say in how the banks behave when pursuing debtors

LAST week in this newspaper, Wicklow TD Stephen Donnelly made the comment that dealing with your bank when you went into arrears was a bit like taking a knife to a gunfight.

Even with the new Personal Insolvency Bill, the banks will still hold all the cards -- and either they will deal you a passable hand or they won't. Evidence to date shows some of them to be a fairly intractable lot, despite pleas from various parties for them to relent and show a bit of realism -- if not conscience.

Recently I got the barest taste of what it must feel like to negotiate with "the bank". First I must confess that, chez Hunt-Quinn, delivering the mortgage payments are the responsibility of the Quinn side of the house.

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